A decision by the Securities and Exchange Commission (SEC) whether to approve the Winkelvoss Bitcoin ETF (COIN) is scheduled for Saturday, March 11th.
SEC controls and regulations currently deny wholesale investors access to the Bitcoin markets. If the SEC gives its approval then it opens the gate to funds and money managers to take positions on Bitcoin. Expect a trading frenzy either way.
The consensus is that if COIN receives approval then there will be a leap in the Bitcoin price. If it is denied, then there will be a slump (but by a smaller absolute amount). Currently, the consensus is that approval is unlikely.
Why is approval unlikely? One reason: it’s thought that the regulators might balk at a conflict of interest built into the design of COIN, said Spencer Bogart of Needham & Co. brokerage, to the Wall Street Journal. He explained: Continue reading “SEC TO DECIDE ON BITCOIN ETF”